Monro Inc. (MNRO) will raise its quarterly dividend by 9.1 percent to 24 cents per share in 2021. This comes after a dividend hike of 10.0 percent to $0.22 per share in the second quarter of 2019. The company formerly known as Monro Muffler Brake has now raised its dividend for 16 consecutive years.

The next dividend will be payable on June 21, 2021 to shareholders of record as of June 7, 2021. A new annual rate of 96 cents per share yields 1.5% at a stock price of $62.12.

Monro, Inc., formerly Monro Muffler Brake, Inc., operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire, Tread Quarters Discount Tires, Autotire, Tire Warehouse, Tire Barn, Ken Towery’s Tire and Auto Care, The Tire Choice and Car-X. Monro’s stores provide a full range of services for brake systems, steering and suspension systems, tires, exhaust systems and many vehicle maintenance services and certain locations specialize in providing commercial tire and maintenance services. Through Tires Now, the Company also engages in wholesale tire distribution.